The S&P/TSX Composite Index fell nearly 1% on Tuesday, trading just below the 36,000 mark as sliding gold prices weighed on mining shares. Bullion retreated sharply after hotter‑than‑expected U.S. inflation data and hawkish comments from Federal Reserve Governor Christopher Waller. Among major miners, Agnico Eagle declined more than 3%, Barrick shed over 4%, and WPM dropped more than 3.5%.
Oil prices also extended recent losses as investors increasingly priced in the likelihood of a diplomatic resolution to tensions between the United States and Iran. The pullback in crude pressured energy names, with Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus each losing around 2%. However, softer energy prices offered some relief to credit‑sensitive sectors: the major banks advanced, with RBC, TD Bank, BMO, Scotiabank, and CIBC all gaining more than 0.5%.
On the corporate earnings front, iA Financial climbed 4% after reporting better‑than‑expected earnings per share and raising its quarterly common dividend. Hydro One slipped more than 0.5% after missing EPS forecasts. In the precious metals space, Equinox Gold fell over 2% as its adjusted EPS came in below expectations, while Endeavour Silver dropped nearly 4.5% after narrowing its full‑year gold production guidance.
